The Rupee opened weak on Wednesday, reversing a brief relief rally, in the wake of ?a further rise in oil prices following fresh exchanges of ?strikes between the United States and Iran. Bankers said the Reserve Bank of India's repeated intervention around ?the 96.50 level, coupled with expectations that it would step up support as the currency nears its all-time low of 96.96, have provided a cushion for the rupee. Brent crude climbed past $92.50 a barrel for the first time in nearly six weeks. Fears ?of supply disruptions ?intensified after U.S. ?forces said they had struck Iranian military targets for an 11th straight night, while Kuwait reported ?attacks by Iranian drones. The continued exchange of strikes ?has heightened ?concerns over disruptions to energy supplies and further escalation in the region. For the rupee, the rally in oil prices delivers a double ?blow, ?with higher crude costs pushing up U.S. ?Treasury yields. The 10-year U.S. Treasury yield rose to 4.64% on Tuesday, its highest ?level in two months. The yen was pinned near an almost four-decade low on Wednesday as rising oil prices and ?U.S. Treasury yields hoisted the dollar and left traders on edge about possible Japanese intervention. On Tuesday, in ?New York trade, the yen hit 163.24 per dollar, its weakest since late 1986, and it sat at 163.21 early in the Asia session. The dollar gained broadly overnight, briefly pushing the euro just below $1.14, and it was holding its ground as U.S. forces began an 11th ?straight night of strikes in Iran. The euro was last at $1.1401, while the Australian dollar clung to the 70 cent level and the New ?Zealand dollar sat on support just above its 200-day moving average of $0.5825. Sterling is also testing support, and fell through its ?200-day moving average to $1.3385 with traders weighing how new UK finance minister John Healey plans to fund spending. Japan engaged in record intervention in April and May after the dollar/yen rate crossed above 160. But the impact has worn off and officials have backed off on intervention threats in ?favour of ambush tactics designed to ?keep markets on edge, ?which could bring them out if the yen moves suddenly — or even steadily — to new lows.......